Retail therapy: Indian Millennials on a homebuying spree

Hyderabad recorded the most property seekers in this age bracket, followed by Pune

More than 65 percent of those aged between 25 to 35 years intend to invest in a home for end-use. DonenkoOleksii/Shutterstock

In India, Gulf News reported that Millennials have been snapping up homes as the pandemic altered their views, luring them into obtaining a more secure physical asset as opposed to higher-risk investments. 

This generation, aged between 26 to 41 who are in the midst of an uncertain market, has started to abandon the ‘carpe diem’ mindset, driving the housing demand across the country by opting to purchase than rent. 

Property consulting firm Anarock, which conducted a survey involving 5,210 participants, uncovered that 57 percent were more inclined to invest in real estate in the coming years, whereas 43 percent preferred to invest in other assets, such as gold, stock markets, or fixed deposits. 

Yet despite their major preference, the latter admitted that real estate, whether directly or indirectly, is a component of their future investment schemes, with 31 percent planning to use their present investment gains to purchase a home in the future. 

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Out of all respondents, the firm found that no less than 53 percent of Millennials would buy real estate using their capital gains. Yet the most crucial finding is that more than 65 percent of those aged between 25 to 35 intend to invest in a home not for more capital gains, but for end-use. 

In 2019, Anarock conducted a similar survey and observed that only 20 percent of the same age group considered purchasing a home, revealing that the pandemic has unlocked a new wave of homebuyers. 

To understand this generation’s impact, residential sales across the country skyrocketed, with 78,627 units procured from January to March this year, according to the latest Knight Frank report. 

In the second quarter, Times of Oman said the growing demand led to a price increase averaging five percent across eight major cities, including Ahmedabad, Bengaluru, Chennai, Delhi (NCR), Hyderabad, Kolkata, and Pune. 

Among these cities, Hyderabad recorded the most property seekers in this age bracket, followed by Pune. 

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“Rising homeownership amongst millennials supported by higher disposable income and willingness to upgrade to larger spaces equipped with better amenities have sparked a sharp growth in housing demand in the last few quarters,” stated Harsh Vardhan Patodia, president of the Confederation of Real Estate Developers’ Associations of India (CREDAI). 

Sunteck Realty Ltd, a major recipient at the 2nd annual PropertyGuru Asia Property Awards (India), was among the residential developers who have been catering to this growing demand by tapping into their individual needs, from gathering demands straight from the source to empathising with them. 

Thus, with the emergence of this investment generation and a thriving real estate sector, local government think tank NITI Aayog believes that the industry will achieve USD1 trillion by 2030 and will make up 13 percent of the country’s total GDP by 2025. 

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Gynen Kyra Toriano, Digital Content Manager at PropertyGuru, wrote this article. For more information, email: [email protected].